Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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Conversion of an adjudication order under the penalty provision to the regular adjudication provision was contested on whether requisite documentary evidence supported claimed input tax credit (ITC). The court found the adjudicating authority had recorded absence of tax invoices and returns and specific findings of deliberate availing of ineligible ITC amounting to fraud, misstatement or suppression; a prior, different-year case was distinguishable because documents had been produced there. In consequence, conversion to the regular provision was refused for want of supporting records and the writ petition failed.
Conversion of an adjudication order under the penalty provision to the regular adjudication provision was contested on whether requisite documentary evidence supported claimed input tax credit (ITC). The court found the adjudicating authority had recorded absence of tax invoices and returns and specific findings of deliberate availing of ineligible ITC amounting to fraud, misstatement or suppression; a prior, different-year case was distinguishable because documents had been produced there. In consequence, conversion to the regular provision was refused for want of supporting records and the writ petition failed.
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